DDM Analysis: KRN.DE

Valuation Snapshot

Stable Growth	$263.19 - $1,006.55	$444.35
Multi-Stage	$242.59 - $265.98	$254.07
Blended Fair Value	$349.21
Current Price	$124.00
Upside	181.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.29%	0.96%	2.20	1.75	1.40	0.06	0.75	1.70	1.70	1.56	1.45	1.25
YoY Growth	-	-	25.71%	25.00%	2,232.81%	-92.00%	-55.88%	0.00%	9.18%	7.38%	16.00%	-37.50%
Dividend Yield	-	-	1.76%	1.38%	1.36%	0.08%	1.08%	3.49%	2.08%	1.42%	1.38%	1.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	289.62
(-) Cash Dividends Paid (M)	82.11
(=) Cash Retained (M)	207.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	57.92	36.20	21.72
Cash Retained (M)	207.51	207.51	207.51
(-) Cash Required (M)	-57.92	-36.20	-21.72
(=) Excess Retained (M)	149.59	171.31	185.79
(/) Shares Outstanding (M)	31.56	31.56	31.56
(=) Excess Retained per Share	4.74	5.43	5.89
LTM Dividend per Share	2.60	2.60	2.60
(+) Excess Retained per Share	4.74	5.43	5.89
(=) Adjusted Dividend	7.34	8.03	8.49
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.65%	4.65%	5.65%
Fair Value	$263.19	$444.35	$1,006.55
Upside / Downside	112.25%	258.34%	711.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	289.62	303.08	317.17	331.91	347.34	363.49	374.39
Payout Ratio	28.35%	40.68%	53.01%	65.34%	77.67%	90.00%	92.50%
Projected Dividends (M)	82.11	123.29	168.13	216.87	269.78	327.14	346.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.65%	4.65%	5.65%
Year 1 PV (M)	114.62	115.72	116.83
Year 2 PV (M)	145.31	148.12	150.97
Year 3 PV (M)	174.25	179.34	184.53
Year 4 PV (M)	201.51	209.40	217.52
Year 5 PV (M)	227.16	238.33	249.94
PV of Terminal Value (M)	6,794.28	7,128.42	7,475.58
Equity Value (M)	7,657.12	8,019.34	8,395.36
Shares Outstanding (M)	31.56	31.56	31.56
Fair Value	$242.59	$254.07	$265.98
Upside / Downside	95.64%	104.89%	114.50%

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Krones AG (KRN.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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